An estimated 350 homebuyers in Baltimore can get help with settlement costs, thanks to a $1.4 million infusion of funds into a popular city loan program.
The city's Settlement Expense Loan Program, designed to help with closing costs and settlement fees, has been expanded from originally targeting first-time buyers to include any buyer of a house selling for up to $203,150, said Thomas H. Jaudon, chief of the Home Ownership Institute Development Division, in the city's Department of Housing and Community Development.
The loans, available through 13 lenders, have 10-year terms at 7 1/2 percent interest.
The July funds came from the sale of of general obligation bonds, approved by voters last November.
"It empowers people to get qualified to buy a house," Jaudon said.
Since launching the SELP program in April 1993, the city has made more than 1,700 loans worth about $7.3 million.
Since December, when the city's Board of Estimates approved the sale of $1.4 million in bonds to replenish SELP, and city officials found another $1 million in unused bonds for the program, the city has made 545 loans.
Those loans have averaged $3,792, on an average home price of $63,340.
Buyers using the program have had an average income of $33,782.
Prospective homebuyers interested in the program should contact a real estate agent or one of the participating lenders, or they can call (410) 396-8407.
Pub Date: 8/11/96